Global Elastomers Market - Segmentation by Product Type, Application, and Geography - Growth, Trends, and Forecast (2022 - 2030)

The overall demand for elastomers is expected to grow at a healthy rate during the forecast period, 2018 - 2023, due to its flexibility in case of break or crack. The market is also driven by cost effectiveness and adaptability of elastomers in major end-user markets. Thermoplastic elastomers are expected to show more growth due to the diverse range of its applications and increasing R&D efforts.

Increasing Application from the HVAC Industry

Elastomers have found an increase in use in the heating, ventilation, and air conditioning (HVAC) industry in the recent years, in the form of thermoplastic elastomers (TPE), as they are cost-effective, highly functional, and adaptable. Unitary air conditioners comprise the largest share of total HVAC equipment demand. The high demand from both, commercial and residential, sectors, will promote the market for the same. TPE also finds application in HVAC systems in automobiles. Japanese auto parts manufacturer, Denso Corporation, used TPE produced by PolyOne for its HVAC system in a recent car model. Such applications have led to the growing use of TPE in HVAC applications. This, in turn, is driving the demand for elastomers market.

Automotive – The Fastest Growing Segment by Usage

Growing demand from automotive industry is the main driver for the elastomers market. It is primarily used in belts and hoses, bellows, gaskets, as instrument panels for soft touch. Around 40% of all products, consumed worldwide, are used in vehicle manufacturing. Therefore, the development of the automotive and transport industries, as well as, their parts, components and OEM suppliers, is an important indicator for the future TPE demand. Growing demand for lightweight and high-performance plastics in automotive industry, to provide increased efficiency and design flexibility, is primarily responsible for growth of TPE market. High-performance thermoplastic elastomers also offer manufacturers advantage of design and comparable strength of steel, which help in reducing weight and controlling emission of greenhouse gases.

Asia-Pacific to dominate the Market

Asia-Pacific is projected to lead the market due to growing automotive production and sales through different countries, such as China, India, Taiwan, Thailand, and Indonesia. China is the leading market regarding consumption of elastomers in the construction, automotive, electrical & electronics and footwear industries. Increased Public-Private Partnership (PPP) initiatives have further led to the growth of the Chinese construction industry. Regions, such as ASEAN countries, India, Taiwan, and Pacific Islands, among others with emerging economy have witnessed increased demand for automotive, consumer durables and electronics products mainly due to increasing disposable income and a growing middle class contribute to the high demand for used products. Overall, the market for TPE in Asia-Pacific is expected to witness a significant growth rate during the forecast period.

Notable Developments

September 2017: BASF’s polyurethane-based cushioning system powered the latest innovation for runners with the launch of the all-new Brooks Levitate with DNA AMP performance running shoe based on seven years of run research.

Major Players: BASF SE, DowDupont, Covestro, Kuraray and Huntsman Corp., among others.

Reasons to Purchase this Report

To understand the impact of end-user applications on the market
Analyzing various perspectives of the market with the help of Porter’s five forces analysis
Countries expected to witness the fastest growth during the forecast period
Identifying the latest developments, market shares, and strategies employed by the major market players
3-month analyst support, along with the Market Estimate sheet (in Excel)

Customization of the Report

The report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs

Frequently Asked Questions



This market study covers the global and regional market with an in-depth analysis of the overall growth prospects in the market. Furthermore, it sheds light on the comprehensive competitive landscape of the global market. The report further offers a dashboard overview of leading companies encompassing their successful marketing strategies, market contribution, recent developments in both historic and present contexts.

  • By product type
  • By End User/Applications
  • By Technology
  • By Region

The report provides a detailed evaluation of the market by highlighting information on different aspects which include drivers, restraints, opportunities, and threats. This information can help stakeholders to make appropriate decisions before investing.

Please Select a Format

market Reports market Reports